Thermal Insulation Materials Market, By Material Type (Plastic Foam, Stone Wool, Fiberglass, Others), By Temperature Range (−160⁰C to −50⁰C, − 49⁰C to 0⁰C , 1⁰C to 100⁰C, 1⁰C to 650⁰C), By Region (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific)

Published In : Jul 2023

Code : CMI3684

Pages :120

Formats :

Excel and PDF

Industry : Advanced Materials

Market Challenges And Opportunities

Global Thermal Insulation Materials Market: Growth Drivers

Building and construction industry growth

As the building and construction industries have expanded, so has the demand for thermal insulation for buildings. Building thermal insulation techniques reduce heat transfer between surrounding environments to maintain stable interior temperatures. Additionally, they reduce carbon emissions by needing less energy to maintain temperature and limiting heat transmission to the outer environment. It offers outstanding structural qualities, such as impact and fire resistance. Due to their excellent energy efficiency, thermal insulation materials are essential for the building and construction sector. Additionally, increasing industrialization encourages the installation of thermal insulation systems in commercial buildings to reduce energy consumption, which is projected to fuel market growth.

Increasing Energy Consumption to Support Growth

Rising energy prices are being driven mostly by rising demand for building thermal insulation materials in both residential and commercial applications. Inefficient energy usage has two costs. Significant energy use may cost the consumer a lot of money due to recent price rises. It also contributes to the depletion of natural resources. As a result, consumers, particularly those who live in urban areas, make an effort to insulate their homes. Creating low-energy insulating goods such as foamed plastics represents huge commercial potential. Some of these solutions can recover insulating expenditures in as little as 12 months through energy savings.

Global Thermal Insulation Materials Market: Market Restraints

Faulting price and high cost of raw material

High capital cost of insulation materials is expected to hinder the demand for thermal insulation material in residential buildings, and this is projected to hamper the market growth. The use of thermal insulation material in buildings saves a significant amount of energy in the form of electricity. However, due to the high capital cost of these materials, not all the owners opt for thermal insulation material and this is restricting the market growth.

The inadequate infrastructure of distribution channels is creating challenges for manufacturers to reach the target audience is projected to hamper the market of thermal insulation material. Also, lack of awareness regarding the benefits of insulation materials is expected to restrict the adoption of these materials this, in turn, is hindering the market growth.